Though this may hold true, I though I would share this pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term support. This is the second time testing this support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons:
- Currently above weekly S1 support.
- Extension showing seller exhaustion
- Entry 1: 9400
- Confirmation: 11150
- Entry 2: 11150
- Target: 17000
- Stop/Loss: 9050
With the overall sentiment changing to bear, this may not hold true.
However the and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
I still think this pennant has a possibility of playing out.
If so major support would be around 9800
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It's just impossible to know at the moment
a WXY correction could just settle at 8750, it's still valid
If we're going for WXYXZ, yes it could go to 6k